Buying the average house in the Netherlands would now take a salary of almost €100,000 without savings, according to new calculations by housing market data group Calcasa.

With the average home now costing €452,000, quarter on quarter house prices were up 2% in the final three months of 2023, and that means a salary of €95,000, Calcasa said. The average pay in the Netherlands is currently €44,000.

The rules for borrowing changed in January to encourage buyers to invest in making their homes more energy efficient and to try to help more people to get a food on the housing ladder.  For example, the national mortgage guarantee, which protects buyers against being unable to pay, now covers properties up to €461,000.

First time buyers under the age of 35 can also spend €510,000 on a property without being liable for transfer tax. The over 57s can also include their assets in calculations about how much they can borrow.

The government is also poised to launch a special fund to help first time buyers.

Yet despite this “there has been no significant improvement in the affordability of Dutch homes,” Calcasa said. “Given the high salaries needed to buy the average home, having your own money to invest is enormously important.”

Regional variations, however, are extremely wide. Top of the list of least affordable homes are Bloemendaal, Laren and Blaricum where the average property costs more than €1 million and requires income of at least €200,000.

For the cheapest places – Pekela, Heerlen and Kerkrade – €60,000 would be enough to buy the average home, but even that is 34% above the average income, Calcasa points out.

In Amsterdam, where the average home costs just over €600,000, buyers would need an income of €120,000 – without savings. In Rotterdam, the cheapest of the big five, buyers would need €81,000.